Technology Vision 2017 for Consumer Goods

Like Retail before it, the consumer goods industry is now at the early stage of a major shift. Consumers, with their easy access to one billion+ products via a range of channels, are more empowered than ever to get what they want. And they want products designed for them and, in some cases, by them based on their lifestyles and preferences. The challenge for consumer goods organizations is clear.

Get closer to your customer to develop and market your products or risk losing market share to dynamic entrants who can.

The consumer goods industry will likely change more in the next 10 years than it has over the past 40. This presents major challenges as well as opportunities for individual consumer goods businesses. Those that quickly embrace new technologies will be the first to secure competitive advantage.

The five trends covered in this year’s Accenture Technology Vision for Consumer Goods describe technology's profound impact and how businesses can address the challenges ahead.

AI
IS THE
NEW
UI

AI IS THE NEW UI

AI is an enabler for individualized customer engagement

With the potential of AI, there’s good news for leading consumer goods companies. AI will help enable consumer goods companies to embed their brands into their customers’ everyday lives.

For high-engagement products, AI could open the door, through a conversational interface, to a much more personalized, interactive and trusted ongoing relationship between company and consumer.

For low-engagement products, AI offers the potential to eliminate the user interface altogether and drive individualized predictive replenishment on a huge scale.

Next Trend

ECOSYSTEMPOWER PLAYS

ECOSYSTEM POWERPLAYS

Ecosystems increase offerings and go-to-market speed

To meet changing customer demands and successfully navigate potential disruption, consumer goods companies will need to establish an ecosystem of partners across the end to end value chain. This reflects what has been achieved by small, more nimble challengers to the industry. Ecosystems provide consumer goods companies opportunities to develop new products and new services, and make it possible to get these to market faster.

Companies that are ready and willing to cede a degree of end-to-control over everything and, instead, embrace a more flexible and fluid approach to what they do, can more likely emerge as ecosystem leaders.

Next Trend

WORKFORCEMARKETPLACE

WORKFORCE MARKETPLACE

On-demand workforce pools introduce new capabilities

In a marketplace where companies must accelerate innovation to remain competitive, having the right skillsets when needed is critical. For consumer goods companies, the workforce can be broken down into two types, “core” run-state work and project-based work. While automation can augment capabilities for core workers, on-demand marketplaces offer talent pools well suited for project-based work.

Those companies that couple faster innovation in products with specialized talent sourced on-demand can enhance competitiveness.

Next Trend

DESIGNFOR HUMANS

DESIGN FOR HUMANS

The era of mass personalization is upon us

The traditional four “P’s” of product, price, promotion and place, are shifting to the four “E’s” of experience, exchange, evangelism and everywhere. It’s all about the customer, providing products designed for their lives and engaging them in how they want to be engaged. However, doing so at scale, in other words, mass personalization, is no small feat.

But technology can make it possible. Those consumer goods companies that harness data and analytics to get closer to their customers and connect this to new manufacturing processes can get the advantage.

Next Trend

THEUNCHARTED

THE UNCHARTED

Trust: the new bargain with consumers

Trust. To stay relevant, consumer goods companies must build new levels of trust with their customers through greater transparency. First, as consumer data represents a source of huge potential for companies and consumers alike—transparency and security of information will be vital. In relation to the supply chain, consumer goods companies must provide transparency into sourcing and the integrity of inputs that go into their products.

A new bargain is being struck with the consumer. And those consumer goods companies that give customers visibility into their operations can win that very precious commodity: trust.

Next Trend

AI IS THE NEW UI

AI is an enabler for individualized customer engagement

With the potential of AI, there’s good news for leading consumer goods companies. AI will help enable consumer goods companies to embed their brands into their customers’ everyday lives.

For high-engagement products, AI could open the door, through a conversational interface, to a much more personalized, interactive and trusted ongoing relationship between company and consumer.

For low-engagement products, AI offers the potential to eliminate the user interface altogether and drive individualized predictive replenishment on a huge scale.

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